External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s adjustment on Taobao and Tmall strategies is delivering early-stage results.</li><li>The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers, which in turn improves merchants’ willingness to invest in advertising, securing long-term revenue and earnings growth prospects to be in line with industry trend.</li><li>International expansion and technology enhancement are still on track to drive long-term revenue and earnings growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba’s adjustment on Taobao and Tmall strategies is delivering early-stage results.The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers, which in turn improves merchants’ willingness to invest in advertising, securing long-term revenue and earnings growth prospects to be in line with industry trend.International expansion and technology enhancement are still on track to drive long-term revenue and earnings growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) – In-Depth Analysis into Segment Value

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.</li><li>The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.</li><li>Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – July online retail sales recap

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)</li>
<li>1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)</li>
<li>Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）</li>
</ul>


BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)
1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)
Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）


China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. </li>
<li>2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a>.</li>
</ul>



GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. 
2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.

GoTo has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with Bank Jago.


<ul>
<li>The slew of negative economic data for July traces its root to the inadequacy of industries Chinese government wants to promote towards generating employment, income and investments;</li>
<li>With overwhelming advantage in financing, US’s reshoring initiative is bound to succeed in its first iteration. </li>
<li>For China, boosting demand is no longer an option. Exporting deflation might be the only answer.</li>
</ul>


The slew of negative economic data for July traces its root to the inadequacy of industries Chinese government wants to promote towards generating employment, income and investments;
With overwhelming advantage in financing, US’s reshoring initiative is bound to succeed in its first iteration. 
For China, boosting demand is no longer an option. Exporting deflation might be the only answer.


[Blue Lotus Macro]: Underestimating the Pain but Unable to Turn Back

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba (BABA US) – In-Depth Analysis into Segment Value

The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers

CMB International

China Internet – July online retail sales recap

The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption...

CMB International

China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category

Catering was the top growing consumption category in July;Xiaomi launches new products at annual Lei Jun conference; New home sales in July remain...

Blue Lotus Research Institute

GoTo (GOTO IJ) - Shifting the Needle?

GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place.

Angus Mackintosh

[Blue Lotus Macro]: Underestimating the Pain but Unable to Turn Back

The slew of negative economic data for July traces its root to the inadequacy of industries Chinese government wants to promote towards generating...

Blue Lotus Research Institute

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